Good day. I just want to ask and seek advice on our situation.
We purchased a house and lot at lancaster estates (profriends) in imus, cavite last April 2011. We're done paying for it's equity last July 2012. We applied for a bank financing since we cannot afford the In-house financing scheme.
On their website, you will read that you can move-in right after paying the equity. Maximum waiting time is 3 months. Just now,I checked again their website and they already removed that information. I also remember that same information being discussed to us during their orientation (counselling).
Last April 2012, someone from their office called us to submit documents needed for our application on bank financing (BDO) which we have submitted. We have been waiting for their call or e-mail since our last equity payment. They said that it could take 3 more months after equity before we can move in. Just wait for the call of the bank. And so, we waited.
Completely ignorant on the many complaints they already have, we patiently waited for the LONG process of bank financing application (according to them). The only person who talked to us, comforted us and kept us calm throughout the waiting period was their agent who sold us the house and lot. I received a call from them last December 2012 saying that the house is near completion and they will call again as soon as the house is ready for our inspection.
We were prompted to go to their office last March 23, 2013 because our agent was not answering our texts anymore and if we do call - her numbers are not in service or always busy. We also change our mind and we wanted to sell the property because we wanted a house in Las Piñas instead.
The customer relations officer who spoke with us was Ms. Hazel. So, when we went there, we asked her the following questions :
1. When can we see our house and lot? How much longer we have to wait?
2. And how much can we sell the property if we decided to sell it?
Her answers :
1. The property (house and lot) is 93% done. Our bank financing application thru BDO was rejected/disapproved. So, we will be transferred to In-house Financing which will require us to pay a 30% DP within 6 months. We are not allowed to check the property for inspection unless we settled the remaining balance on our DP.
2. If we sell the property, the prevailing market value/price will apply. We can only sell it with the same amount we purchased it to our relatives but still for approval.
We were disappointed to hear all of this. We are asking from them to provide us any copy of the document stating that our housing loan was disapproved by BDO but, Ms. Hazel said that they do not have a document, they just received an email from BDO with my name including to the lists of disapproved housing loan. Just an E-MAIL.
We asked when did they pass our documents to BDO, they said last January and it was also returned that month since it was rejected. So, why does it take this long and why do they have to wait for us to go to their office to follow-up the status of our house and lot if it was rejected last January? They claimed to have e-mailed us and sent us a letter regarding this which we do not received anything.
We appealed to them to atleast let us check the property so we can guarantee our buyer that it is Ready for Occupancy (RFO)since we really wanted to sell it but, as per policy, they cannot allow us to check it unless we pay the balance to our new equity for in-house financing.
We left their office with the understanding and agreement that they will submit our documents again to the Bank (BDO) for re-evaluation because we do not know the reason why we were rejected in the first place.
I received a call from Profriends today, April 01 around 1:30pm requiring me to submit a certificate of full payment from BDO (to check if we have unsettled credit card bills); certificate of employment with compensation and 3 months old payslip within 15 days for Bank re-evaluation. We have already submitted these documents to them but they said that the Bank is requiring a NEW ONE.
I asked what is their process regarding Bank Financing. How soon can we get the house or atleast check it. They said that we can only check the house after our loan take out or if the bank approved our loan. We will receive a call from them that the house is ready for inspection.
With this, I said to the caller (Profriend's rep) that I will submit again the documents they needed but I also want something from their office :
1. I want a letter from them certifying that our Bank Financing application from BDO, which they passed last January was rejected. I want a detailed time they passed it and time it was sent back to their office. I asked this from them since they said that they only receive an e-mail from BDO.
2. I also wanted a letter providing and stating their policy with regards to loan take out. I want a detailed information that they will only allow us, the buyers, to check the property after we have paid the equity in full and after it was approved by the bank (if bank financing).
1. Is it not our right, as a buyer, to check our unit/property if the DP is not yet finished? What if there is no unit at all? And the developer just want us to think that the unit is already there but we were disapproved by the bank?
2. Is it possible that the unit itself, didn't pass the bank's standard requirements for loan approval?
3. What can we demand from them to give us so we will be ensured that what they are telling to us is true?
4. Is it also possible to get all what we paid for if we demand for a refund? They said that they will deduct the agent's commission and the house insurance from our DP if we decided to make a refund.
Thank you for reading. I'm hoping that you can give me your answer the soonest and tell me what to do next. I really wanted to sell the property and I do not want to pay for the remaining DP. I'm also hoping for other readers to site us their honest opinion or their experience.